You will suffer 2.4% a standings loss with the Minmatar Republic for destroying Minmatar Republic's Republic Fleet Detective in Part 3. It is not necessary to destroy this ship to complete the mission, however. Standings losses are based on specific ship kills, NOT the mission as a whole.

Reinforcement spawns will target and attack any drones sitting outside your ship when they spawn

Waves warp in at about 20km from the beacon and are timed not triggered, intervals between waves are generally 4-5 minutes (timed 4x different times). There is a chance of a +3 implant drop from one of the cruisers (Thukker Mercenary Captain).

Do not forget to loot the Mercenary Pilot dropped from the last killed ship
Last killed ship drops in loot +3 implant(confirmed 9/15/2016), dont forget to check for additional 8 mil isk (chances not known, reported by couple players)
Return your drones to drone bay after each wave or they will be targeted and killed by the succeeding reinforcement wave.